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Summary of Significant Accounting Policies | 3 Months Ended
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Mar. 31, 2025
Accounting Policies [Abstract] |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies and estimates used in the preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2024, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), and follow the requirements of the SEC for interim reporting. As permitted under those rules, certain notes and other financial information that are normally required by U.S. GAAP can be condensed or omitted. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of the Company’s financial information. The condensed consolidated balance sheet as of December 31, 2024 has been derived from audited consolidated financial statements as of that date but does not include all of the financial information required by U.S. GAAP for complete financial statements. Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025. Restatement As noted in the Company's Form 10-K Item 9-B for the fiscal year ending December 31, 2024, as filed with the SEC on February 28, 2025, the Company has restated the comparative financial statements including the Condensed Consolidated Statement of Operations, Condensed Consolidated Statement of Comprehensive Loss, Condensed Consolidated Statement of Stockholders' Equity and Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2024 and applicable footnotes. The following tables present a summary of the effects of the correction of the Company’s previously issued condensed consolidated financial statements for three months ending March 31, 2024: Condensed Consolidated Statement of Operations (unaudited)
| Three Months Ended March 31, 2024
(in thousands) | As Previously Reported |  | Adjustments |  | As Corrected
General and administrative | $ | 26,911 |  |  | $ | 3,229 |  |  | $ | 30,140 |
Total operating expenses | 91,386 |  |  | 3,229 |  |  | 94,615 |
Loss from operations | (19,337) |  |  | $ | (3,229) |  |  | (22,566) |
Loss before income taxes | (16,742) |  |  | $ | (3,229) |  |  | (19,971) |
Net loss | $ | (16,659) |  |  | $ | (3,229) |  |  | $ | (19,888) |
Net loss per share |  |  |  |  |
Basic | $ | (0.32) |  |  | $ | (0.06) |  |  | $ | (0.38) |
Diluted | $ | (0.32) |  |  | $ | (0.06) |  |  | $ | (0.38) |
Condensed Consolidated Statement of Comprehensive Loss (unaudited)
| Three Months Ended March 31, 2024
(in thousands) | As Previously Reported |  | Adjustments |  | As Corrected
Net loss | $ | (16,659) |  |  | $ | (3,229) |  |  | $ | (19,888) |
Comprehensive loss | $ | (17,804) |  |  | $ | (3,229) |  |  | $ | (21,033) |
Condensed Consolidated Statement of Stockholders' Equity (unaudited)
| March 31, 2024
(in thousands) | Additional Paid-in Capital |  | Accumulated Deficit |  | Total Stockholders' Equity
As Previously Reported |  |  |  |  |
Balance at December 31, 2023 | $ | 946,511 |  |  | $ | (678,269) |  |  | $ | 261,328 |
Employee stock-based compensation expense | 13,295 |  |  | — |  |  | 13,295 |
Net loss | — |  |  | (16,659) |  |  | (16,659) |
Balance at March 31, 2024 | 959,734 |  |  | (695,450) |  |  | 256,225 |
Adjustments |  |  |  |  |
Employee stock-based compensation expense | 3,229 |  |  | — |  |  | 3,229 |
Net loss | — |  |  | (3,229) |  |  | (3,229) |
As Corrected |  |  |  |  |
Balance at December 31, 2023 | 946,511 |  |  | (678,269) |  |  | 261,328 |
Employee stock-based compensation expense | 16,524 |  |  | — |  |  | 16,524 |
Net loss | — |  |  | (19,888) |  |  | (19,888) |
Balance at March 31, 2024 | $ | 962,963 |  |  | $ | (698,679) |  |  | $ | 256,225 |
Condensed Consolidated Statement of Cash Flows (unaudited)
| Three Months Ended March 31, 2024
(in thousands) | As Previously Reported |  | Adjustments |  | As Corrected
Net loss | $ | (16,659) |  |  | $ | (3,229) |  |  | $ | (19,888) |
Stock-based compensation | $ | 13,344 |  |  | $ | 3,229 |  |  | $ | 16,573 |
Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses in the unaudited condensed consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to transaction price estimates used for testing services revenue; accrued expenses for clinical studies; inventory valuation; the fair value of contingent consideration recorded in connection with a business combination or an asset acquisition; the grant date fair value assumptions used to estimate stock-based compensation expense; income taxes; impairment of long-lived assets and indefinite-lived assets (including goodwill); and legal contingencies. Actual results could differ from those estimates. Concentrations of Credit Risk and Other Risks and Uncertainties For the three months ended March 31, 2025 and 2024, approximately 37% and 33%, respectively, of total revenue was derived from Medicare. As of March 31, 2025 and December 31, 2024, approximately 31% and 27%, respectively, of accounts receivable was due from Medicare. No other payer or customer represented more than 10% of accounts receivable at either March 31, 2025 or December 31, 2024. Recent Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 340): Improvements to Income Tax Disclosures, which requires annual disclosures in the rate reconciliation table to be presented using both percentages and reporting currency amounts, and this table must include disclosure of specific categories. Additional information will also be required for reconciling items that meet a quantitative threshold. The new guidance also requires enhanced disclosures of income taxes paid, including the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions that exceed a quantitative threshold. The amendments should be applied on a prospective basis, but retrospective application is permitted. The amendments set forth in this ASU are effective for annual periods beginning after December 15, 2024 for public entities. This guidance will be effective for the Company’s annual disclosures in fiscal year 2025. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. This standard requires entities to disaggregate certain costs and expenses into specific categories and by relevant expense caption in the statement of operations. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. This guidance will be effective for the Company's annual disclosures in fiscal year 2027 and for interim period disclosures beginning in fiscal year 2028. The Company is currently evaluating the potential impact of the new standard on its financial statements and related disclosures.

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